What Is NKN?
NKN is a coin on the eponymous platform that offers a fully decentralized and anonymous peer-to-peer network protocol that proposes to increase efficiency, scalability, and security.
NKN stands for a "New kind of network" and intends to become a protocol equivalent to TCP / IP for the Internet on the blockchain. In its essence, it is an overlay that does not depend on any underlying communication protocols.
The development team mentions several problems that can be solved through the network - namely, inefficient use of bandwidth, rampant censorship by governments, and invasion of user privacy.
NKN uses its own consensus mechanism called "Proof of Relay" (PoR). PoR encourages participants to contribute to the blockchain network by sharing their connectivity and bandwidth in exchange for rewards. Mining is essentially achieved by contributing to the data transfer layer. Participants receive rewards by providing more network resources than they consume.
Pros and Cons of NKN
Advantages of NKN crypto
The NKN cryptocurrency represents the future of cryptocurrencies, due to its security, connection speed, and the great wonders of fast connectivity that it has on its website, with improvements, practically daily. Unlike other projects that use buzzwords like “innovation” to promote their projects, NKN is truly doing something remarkable in its field. It slowly but surely climbs up the ladder, currently holding a position within the 500 most popular cryptocurrencies in the world.
Disadvantages of NKN crypto
NKN goes head to head with its alternatives like Substratum, Orchid Protocol, and Right Mesh. It also lacks proper exposure on the major exchanges and needs to work in this direction. Critics also say NKN’s marketing team needs to step up and make more effort to better explain the complex technology to the public and make it more appealing for the masses to use.